Table of Contents
Executive Summary
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- Market size and forecast
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- Figure 2: Luxury goods market size and forecast (excl. VAT), 2010-20
- A regional view
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- Figure 3: Regional share of the luxury goods market, 2007-14
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- Figure 4: Top 10 countries in the luxury market, by sales, 2013-14
- Segmentation by product
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- Figure 5: Luxury goods market split by product category, % share, 2010 and 2014
- Market shares
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- Figure 6: Leading luxury brands: % share of all luxury sales, 2013 and 2014
- The consumer: who buys luxury goods
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- Figure 7: Those who had bought luxury goods in the last 18 months, by country, May 2014 and April/May 2015
- The consumer: where they buy
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- Figure 8: Where they bought luxury goods, by country, purchases made in-store in home country, April/May 2015
- Figure 9: Where they bought luxury goods, by country, purchases made in-store abroad, April/May 2015
- Luxury online
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- Figure 10: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2015
- The consumer: spending intentions
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- Figure 11: 2015 spending intentions, by country, April/May 2015
- The consumer: attitudes to shopping online for luxury
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- Figure 12: Attitudes to shopping online, % that agree with the following statements, April/May 2015
- What we think
Issues and Insights
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- What are the prospects for luxury online?
- The facts
- The implications
- How can luxury brands leverage digital innovation?
- The facts
- The implications
- The changing face of luxury
- The facts
- The implications
- Has luxury gone ex-growth?
- The facts
- The implications
Market Size and Forecast
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- Key points
- A difficult year
- The market size
- Outlook
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- Figure 13: Luxury goods market size and forecast (Excl VAT), 2010-20
Market Drivers
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- Key points
- What are luxury goods?
- The who, when, why and where of buying luxury goods
- Wealthy individuals
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- Figure 14: Numbers and share of wealth of HNWIs, 2014
- Growth in numbers
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- Figure 15: Number of HNWIs, 2003-14
- Figure 16: Numbers of HNWIs, 2007-14
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- Figure 17: Wealth of HNWIs, 2008-14
- Figure 18: Average wealth of HNWIs, 2003-14
- Economic background
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- Figure 19: GDP growth in US dollars at current values, 2010-15
- Figure 20: Leading international currency exchange rates, 2002-15
- Stock markets
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- Figure 21: Leading stock markets year on year growth, 2010-14
- Tourism
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- Figure 22: International inbound tourism, 2000-14
Luxury Market – A Regional View
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- Key points
- Regional analysis
- Market size by region
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- Figure 23: Luxury goods markets, 2010-14
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- Figure 24: Regional share of the luxury goods market, 2007-14
- Country market sizes
- HNWIs and spending by region
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- Figure 25: Share of HNWIs and luxury market sales, by region, 2014
- HNWIs and spending by country
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- Figure 26: Top 10 countries in the luxury market, by sales, 2010-14
- Figure 27: Country shares of the global luxury market, 2010-14
- Americas
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- Figure 28: The Americas: Leading luxury goods markets, 2010-14
- Figure 29: Leading American luxury markets’ share of all luxury spending in the Americas, 2010-14
- Asia-Pacific
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- Figure 30: Asia-Pacific region: Leading luxury goods markets, 2010-14
- Figure 31: Asia-Pacific region: Leading luxury goods markets, 2010-14
- Europe
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- Figure 32: Europe: Leading luxury goods markets, 2010-14
- Figure 33: Leading European luxury markets’ share of all luxury spending in Europe, 2009-13
Luxury Market – Segment Performance
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- Fashion and leather goods
- Market size
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- Figure 34: Global luxury market: Fashion and leather goods sales, 2010-14
- Market share
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- Figure 35: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2013 and 2014
- Jewellery and watches
- Market size
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- Figure 36: Global luxury market: Jewellery and watch sales, 2010-14
- Market share
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- Figure 37: Top 10 leading luxury goods retailers, by % share of global luxury fashion and leather goods market, 2013 and 2014
- Perfumes and cosmetics
- Market size
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- Figure 38: Global luxury market: Perfumes and cosmetics sales, 2010-14
- Market share
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- Figure 39: Top 10 leading luxury goods retailers, by % share of global luxury perfumes and cosmetics market, 2013 and 2014
- Country analysis
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- Figure 40: Sales by product in selected luxury markets (excl. VAT), 2014
The Consumer – Who Buys Luxury Goods
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- Key points
- What we asked
- Technical note
- Luxury popularity dips in China
- UK on the rise
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- Figure 41: Those who had bought luxury in the last 18 months, by country, May 2014 and April/May 2015
- Female shoppers more important in China
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- Figure 42: Those who had bought luxury in last 18 months by country and by gender, April/May 2015
- Younger bias
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- Figure 43: Those who had bought luxury in last 18 months by country and by age, May 2015
- Women aged 25-44 years are key consumers in China
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- Figure 44: Those who had bought luxury in China in last 18 months by age, April 2015
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- Figure 45: Those who had bought luxury goods in China in last 18 months by gender and age, April 2015
- Affluence is a key driver in mainland Europe
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- Figure 46: Those who had bought luxury in last 18 months in Spain, Italy, France and Germany by household income, May 2015
- And elsewhere
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- Figure 47: Those who had bought luxury in last 18 months in UK, USA and China by household income, April/May 2014
The Consumer – Where They Buy
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- Key points
- What we asked
- Technical note
- Shopping preferences vary across the globe
- Online takes pole position in the US and UK
- More traditional channels in mainland Europe
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- Figure 48: Where they bought luxury goods by country, April/May 2015
- Trend data
- Shopper numbers rising in the US
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- Figure 49: US: Where they bought luxury goods by selected channels, May 2014 and May 2015
- In-store shopper numbers drop in China
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- Figure 50: China: Where they bought luxury goods by selected channels, May 2014 and April 2015
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- Figure 51: China: Where they bought luxury goods by selected domestic channels, May 2014 and April 2015
- Europe
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- Figure 52: Mainland Europe: Where they bought luxury goods by selected channels, May 2014 and May 2015
- Who buys where
- China
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- Figure 53: China: Where they shop for luxury in China, by age and affluence, April 2015
- France
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- Figure 54: France: Where they shop for luxury in France, by age and affluence, May 2015
- Germany
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- Figure 55: Germany: Where they shop for luxury in Germany, by age and affluence, May 2015
- Italy
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- Figure 56: Italy: Where they shop for luxury in Italy, by age and affluence, May 2015
- Spain
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- Figure 57: Spain: Where they shop for luxury in Spain, by age and affluence, May 2015
- UK
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- Figure 58: UK: Where they shop for luxury in the UK, by age and affluence, May 2015
- US
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- Figure 59: US: Where they shop for luxury in US, by age and affluence, May 2015
The Consumer – Spending Intentions
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- Key points
- What we asked
- Technical note
- Chinese and US consumers are more bullish
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- Figure 60: 2015 spending intentions, by country, April/May 2015
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- Figure 61: US: Luxury shoppers who intend to spend more on luxury goods in 2015 than 2014, by age, May 2015
- Europeans less confident
The Consumer – Attitudes to Shopping Online for Luxury
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- Key points
- What we asked
- Technical note
- Appetite for online luxury
- Multi-channel experience
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- Figure 62: Attitudes to shopping online for luxury, April/May 2015
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- Figure 63: Selected attitudes to shopping online for luxury, April/May 2015
- Price versus experience
- Personalisation
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- Figure 64: Selected Attitudes to shopping online for luxury, April/May 2015
- Attitudes by demographics
- Attitudes by where they shopped
- Appetite for low price luxury
- UK
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- Figure 65: UK: Attitudes by where they shopped online and in stores in UK, May 2015
- France
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- Figure 66: France: Attitudes by where they shopped online and in stores in France, May 2015
- Germany
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- Figure 67: Germany: Attitudes by where they shopped online and in stores in Germany, May 2015
- Italy
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- Figure 68: Italy: Attitudes by where they shopped online and in stores in Italy, May 2015
- Spain
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- Figure 69: Spain: Attitudes by where they shopped online and in stores in Spain, May 2015
- US
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- Figure 70: US: Attitudes by where they shopped online and in stores in US, May 2015
- China
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- Figure 71: China: Attitudes by where they shopped online and in stores in China, April 2015
The Consumer – Attitudes to Luxury Services
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- Key points
- What we asked
- Technical note
- Appetite for custom-made designs
- Interactive store experience
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- Figure 72: Attitudes to luxury services, April/May 2015
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- Figure 73: Selected Attitudes to luxury services, % agreeing with statement, April/May 2015
- Personal advisors
- Smartphone marketing
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- Figure 74: Selected attitudes to luxury services, % agreeing with statement, April/May 2015
- Attitudes by where they shopped
- UK
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- Figure 75: UK: Attitudes to luxury services by where they shopped online and in stores in UK , May 2015
- France
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- Figure 76: France: Attitudes to luxury services by where they shopped online and in stores in France, May 2015
- Germany
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- Figure 77: Germany: Attitudes to luxury services by where they shopped online and in stores in Germany, May 2015
- Italy
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- Figure 78: Italy: Attitudes to luxury services by where they shopped online and in stores in Italy, May 2015
- Spain
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- Figure 79: Spain: Attitudes to luxury services by where they shopped online and in stores in Spain, May 2015
- US
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- Figure 80: US: Attitudes to luxury services by where they shopped online and in stores in US, May 2015
- China
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- Figure 81: China: Attitudes to luxury services by where they shopped online and in stores in China, April 2015
Who’s Innovating?
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- In-store
- Online
Online
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- The market
- The outlook
- The brands online
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- Figure 82: Major luxury brands: Number of national, transactional websites, 2014-15
- Yoox Net-A-Porter Group
- The consumer: shopping online
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- Figure 83: Percentage of luxury-goods shoppers buying luxury goods online in the last 18 months, May 2014-15
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- Figure 84: Percentage of luxury goods shoppers buying luxury goods online in the last 18 months, by type of retailer website, May 2015
Company Metrics
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- Company revenues
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- Figure 85: Leading luxury companies, by net revenues, 2012-14
- Revenue growth rates
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- Figure 86: Leading luxury companies: % CAGR in revenues, 2010-14
- Product revenue mix
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- Figure 87: Leading luxury companies: % Sales mix, by product group revenue, 2014
- Asia-Pacific revenue
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- Figure 88: Leading luxury companies: % of revenues deriving from Asia-Pacific region, 2013-14
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- Figure 89: Total luxury sales growth in the Asia-Pacific region, 2010-14
- Store numbers
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- Figure 90: Selected leading luxury retailers, estimated store numbers, 2014
- Brand ownership
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- Figure 91: Brand ownership, by leading luxury companies, 2015
- Swiss watchmakers output
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- Figure 92: % share of all COSC certificates accounted for, by leading Swiss-watch brands, 2013-14
- Figure 93: Number of Swiss watch certificates issued by the COSC, 2013-14
- Figure 94: Number of Swiss watch certificates issued by the COSC, three leading brands, 2010-14
Brand Sales and Market Shares
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- Figure 95: Leading luxury brands: Sales, 2012-14
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- Figure 96: Leading luxury brands, share of all luxury sales, 2012-14
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Burberry Group
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- What we think
- China and Japan
- Connecting with its customers on a global scale
- Digital commerce
- Must-have fashion items
- Capitalising on the opportunities in travel retail
- Multi-pronged assault on the lucrative beauty category
- Enhanced in-store experience
- Company background
- Company performance
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- Figure 97: Burberry Group Plc: Group financial performance, 2010/11-2014/15
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- Figure 98: Burberry Group Plc: Directly-operated stores data, 2010/11-2014/15
- E-commerce
Christian Dior Couture
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- What we think
- Expansion and renovation
- Continuing the shift in focus to Asia
- E-commerce could be expanded
- Fusion sneakers prove popular
- Company background
- Company performance
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- Figure 99: Christian Dior Couture: Group financial performance, 2010-15
- E-commerce
Coach
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- What we think
- Expanded lifestyle product offering
- Next-generation store concept delivering positive results
- New marketing push highlights brand’s change of customer focus
- Targeting sales of $600m in China
- Company background
- Company performance
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- Figure 100: Coach Inc.: Group financial performance, 2009/10-2014/15
- Figure 101: Coach Inc.: Net sales, by region, 2011/12-2014/15
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- Figure 102: Coach Inc.: Sales breakdown, by product, 2011/12-2013/14
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- Figure 103: Coach Inc.: Operated store data, 2011/12-2013/14
- E-commerce
Estée Lauder Companies
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- What we think
- Targeting the Millenials generation
- Acquisitions boost growth
- China is vital
- Online
- Company background
- Company performance
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- Figure 104: Estée Lauder Companies: Group financial performance, 2009/10-2014/15
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- Figure 105: Estée Lauder Companies: Group financial performance, by region, 2009/10-2013/14
- Figure 106: Estée Lauder Companies: Group financial performance, by product area, 2009/10-2013/14
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- Figure 107: Estée Lauder Companies: Net sales, by distribution channel, 2009/10-2013/14
- E-commerce
Giorgio Armani
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- What we think
- Broad luxury offer
- Extending the brand
- Celebrating 40 years
- Company background
- Company performance
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- Figure 108: Giorgio Armani: Group financial performance, 2010-14
- E-commerce
Hermès
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- What we think
- Growth in Asia remains strong
- Leather Goods and Saddlery lead growth
- Online approach
- LVMH issue resolved
- Company background
- Company performance
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- Figure 109: Hermès: Financial performance, 2010-14
- Figure 110: Hermès: Sales by product category, 2013-14
- E-commerce
Kering
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- What we think
- Where next?
- Company background
- Company performance
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- Figure 111: Kering: Financial Performance 2010-14
- Figure 112: Kering Luxury: Breakdown of revenue by product category and by region, 2010-14
- Gucci
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- Figure 113: Gucci: Breakdown of revenue by product category and by region, 2010-14
- Bottega Veneta
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- Figure 114: Bottega Veneta: Breakdown of revenue by product category and by region, 2010-14
- Yves Saint Laurent
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- Figure 115: Yves Saint Laurent: Breakdown of revenue by product category and by region, 2010-14
- Outlets
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- Figure 116: Kering Luxury: Directly operated stores, 2013-14
- E-commerce
L’Oréal Luxe
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- What we think
- Strongest growth segment for L’Oréal
- Good performance from recent acquisitions
- Group digital transformation gathers pace
- Company background
- Company performance
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- Figure 117: L’Oréal Group: Net revenues by division, 2010-14
- Figure 118: L’Oréal Luxe: Financial performance, 2010-2014
- Figure 119: L’Oréal Luxe: Sales by region and product area, 2011-2014
- E-commerce
LVMH – Moët Hennessy-Louis Vuitton
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- What we think
- Slowdown in China
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- Figure 120: LVMH – Share of sales by region, 2009-14
- Where next?
- Company background
- Company performance
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- Figure 121: LVMH: Group financial performance, 2010-14
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- Figure 122: LVMH: Distribution of revenues, by region, 2010-14
- Figure 123: LVMH: Distribution of segment revenues, by region, 2010-14
- Figure 124: LVMH, Outlet portfolio, 2013-14
- E-commerce
Prada Group
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- What we think
- Where next?
- Company background
- Company performance
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- Figure 125: Prada: Group financial performance, 2010/11-2014/15
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- Figure 126: Prada: Group net revenue breakdown, by channel, 2010/11-2014/15
- Figure 127: Prada: Group net revenue breakdown, by channel, 2010/11-2014/15
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- Figure 128: Prada: Group net revenue breakdown, by product line, 2012/13-2014/15
- Figure 129: Prada: Directly operated stores, 2013/14-2014/15
- E-commerce
Ralph Lauren Corporation
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- What we think
- Global brand restructuring plan to drive profitability
- New uber-luxe store concept aimed at VIP customers
- Targeting $1bn in online sales
- Tapping into wearable technology
- Innovative fragrance shopping experience
- International expansion opportunities identified in Asia and Brazil
- Company background
- Company performance
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- Figure 130: Ralph Lauren Corporation: Group financial performance, 2010/11-2014/15
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- Figure 131: Ralph Lauren Corporation: Revenue contributions, by segment, 2010/11-2014/15
- Figure 132: Ralph Lauren Corporation: Turnover, by region, 2010/11-2014/15
- E-commerce
Richemont
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- What we think
- Company background
- Company performance
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- Figure 133: Richemont: Group financial performance, 2011/12-2014/15
- Figure 134: Richemont: Revenues by region, 2011/12–2014/15
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- Figure 135: Richemont: Revenues by category, 2010/11–2014/15
- Figure 136: Richemont: Revenues by Maison, 2011/12-2014/15
- E-commerce
Shiseido
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- What we think
- Ready to rebound?
- Investing in R&D
- The China issue
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- Figure 137: Shiseido – Share of sales by region, 2011-15
- Company background
- Company performance
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- Figure 138: Shiseido: Group financial performance, 2010/11-2014/15
- Figure 139: Shiseido: Sales split, domestic vs overseas, 2010/11-2014/15
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- Figure 140: Shiseido revenues, by region, 2010/11-2014/15
- E-commerce
Swatch Group – Luxury
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- What we think
- E-commerce still a missing link
- Dispute with Tiffany & Co still not resolved
- Company background
- Company performance
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- Figure 141: Swatch: Group financial performance, 2010-14
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- Figure 142: Swatch Group: Estimated revenues from the luxury brands only, 2010-14
- Figure 143: Swatch Group: Watches and jewellery segment performance, 2010-14
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- Figure 144: Swatch Group: Net sales, by region, 2010-14
- E-commerce
Tiffany & Co.
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- What we think
- New couture jewellery collection aimed at the ultra-wealthy
- Re-establishing itself in the luxury watch market
- Targeting the self-gifting financially independent female consumer
- Same-sex campaign broadens appeal of its engagement rings
- European store expansion on back of sales growth in the region
- Authentic shopping experience
- Company background
- Company performance
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- Figure 145: Tiffany & Co.: Group financial performance, 2010/11-2014/15
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- Figure 146: Tiffany & Co: Sales growth, by region, 2014/15
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- Figure 147: Tiffany & Co.: Outlet data, 2010/11-2014/15
- E-commerce
Tod’s Group
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- What we think
- Reinventing the brand
- New creative chiefs spearhead clothing and accessories line
- Hogan spin off rumours casts doubt over the brand’s long term global appeal
- Roger Viviers licensing deal up for renewal
- Company background
- Company performance
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- Figure 148: Tod’s Group: Financial performance, 2010-14
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- Figure 149: Tod’s Group: Sales, by region, 2014
- Figure 150: Tod’s Group: Sales, by region, 2013-14
- Figure 151: Tod’s Group: Sales, by product type, 2014
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- Figure 152: Tod’s Group: Sales by product type, 2013-14
- Figure 153: Tod’s Group: Sales by brand, 2014
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- Figure 154: Tod’s Group: Sales, by brand, 2013-14
- E-commerce
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